Bank Austria Rethinks Expansion in Hungary

Professional ServicesBanks ♦ Published: October 12, 2011; 18:33 ♦ (Vindobona)

The subsidiary of Italian UniCredit reviews its activities in the country. A withdrawal is not ruled out.

Bank Austria Rethinks Expansion in Hungary / Picture: © Vindobona.org

Bank Austria, which is responsible for the UniCredit Group’s business in Central and Eastern Europe, will rethink its “ambitious expansion plans” for Hungary. The country’s Parliament has recently adopted a law that allows borrowers to convert foreign currency loans at the expense of banks.

“We want to grow organically in Hungary”, stated Gianni Franco Papa, Head of…